Legendary theater to become charter school

Brownsville’s Loew’s Pitkin, the legendary 2,827-seat theater at 1501
Pitkin Avenue, is set for a $45 million transformation into a charter
school and stores, owner Ken Olson of Poko Partners told the Brooklyn
Eagle. The historic property, which first opened in 1929 and operated
as a theater until 1969, has deteriorated in the years since. Olson
bought it in 2007 with the intent to turn it into affordable housing,
but changed his plans when the real estate market crashed. Now, aided
by financing from Goldman Sachs and a tax credit, the property is
slated for a conversion into the new home of the Ascend Charter School,
which currently has two Brooklyn locations. The project is expected to
take 18 months. [Brooklyn Eagle]